“Markets will only focus back on the fundamentals after political turmoil settles. There are still a lot of resolved issues in a number of countries,” Reuters quoted Hashem Montasser, managing partner at Frontlane Capital, a Dubai-based asset management firm, as saying.
Abu Dhabi’s index slipped with investors locking gains in most large cap stocks. Emirates Telecommunications Corp. (Etisalat) fell 0.5 percent, while National Bank of Abu Dhabi and First Gulf Bank lost 0.3 and 0.6 percent respectively.
The Dubai measure gained 0.08 percent to 1,558 points. Market bellwether Emaar Properties gained 0.6 percent and Emirates NBD rose 1.2 percent.
“I like banks for the 6 to 12 month view. It seems they may be turning the corner and valuations are good,” said Robert McKinnon, ASAS Capital chief investment officer.
The Tadawul All-Share Index (TASI) slipped 0.18 to 6,508.28 points, taking its losses to 1.7 percent this year. The sector activity for the day was mixed with 8 out of 15 made gains ranging from 0.01 percent by the Retail sector to 1.94 percent by the Media and Publishing sector. On the other hand the losing sectors ranged from 0.12 percent by the Banks & Financial Services sector to 2.13 percent by the Energy & Utilities sector. The overall market breadth for the day was positive with 80 advancers against 50 decliners giving it an AD ratio of 1.6, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its daily market commentary.
The stock market for the day reached SR4.34 billion.
Egypt’s main index rose for a second day, correcting some of last week’s sharp declines. The benchmark rose 0.8 percent to 5,251 points.
“In Egypt, there is some quality that is clearly undervalued,” Reuters quoted Robert McKinnon, ASAS Capital chief investment officer, as saying.
“Orascom Telecom is a good example. It was cheap before the sell-off. It is now back to previous levels.”
Oman’s benchmark retreated 0.3 percent to 6,371 points, as volumes fell to half of Sunday’s trading. Losers outnumbered gainers by three to one.
“This being the last trading week of the first quarter, market activity is dividend-oriented,” said Kanaga Sunder, Gulf Baader Capital Markets head of research.
“Once the dividend period is over, the investors would start looking at first-quarter numbers. Omani blue chip counters look attractive for the medium term.”
Qatar’s index fell 0.2 to 8,373 points on Monday. Barwa Real Estate rose 1.3 percent.
Kuwait’s index extended Sunday’s gains, with blue chips supporting. The index rose 0.3 percent to 6,306 points.
The Bahraini measure rose 0.05 percent to 1,428 points.
